A special visa aimed at improving the economy of South Australia has been launched on November 21. This pilot scheme will run for 3 years till the end of November 2021. There will be no cap on this Visa while the scheme is running. This was confirmed by the Dept. of Home Affairs.
How is this new Visa different from others? This new Business Visa does not require any minimum investment, unlike other Business and Innovation Visas. Most of the other Business Visas available in Australia require a minimum investment of at least $200,000.
The Subclass 408 (Temporary Activity) Visa endorsed by the Federal Govt. will allow visa holders to stay in Australia for 3 years. The Visa holders would also be able to include their family in their visa applications.
While applying for this Visa, the applicants need to be less than 45 years of age. They also should have received an endorsement from the South Australian state Govt. for establishing a business in the state. The applicants will also need to submit a strong business plan to the state govt.
Endorsement by the State Govt. will ensure that only genuine entrepreneurs have access to this Visa.
Steven Marshall, Premier of SA, said that this new Visa will help create more jobs in the state. This will also help attract investment in the state, as per SBS. This Visa can also create a pathway to Permanent Residence in Australia.
The Govt. is also hopeful that this Visa will encourage more investment in sectors with the maximum growth potential. This includes defense technology and advanced manufacturing. The Federal Govt. also plans to center the naval shipbuilding program in SA.
A budget of $400,000 has been allocated to this program by the South Australian Govt.
The English requirement for this Visa has also been kept relatively low. Applicants will need to have a score of band 5 in each of the modules of IELTS.
Foreign entrepreneurs and innovators with strong business plans would be able to apply for this Visa to set up their business venture in Australia. The business proposal would be screened by either the State or the Federal Govt. Those who are successful in setting up their business venture in the country would be able to apply for Permanent Residence.
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